|By Marketwired .||
|December 23, 2013 09:57 AM EST||
TORONTO, ONTARIO and HONG KONG, HONG KONG -- (Marketwired) -- 12/23/13 -- Spackman Equities Group Inc. ("SEGI") (TSX VENTURE: SQG) announced today that it has entered into a Share Sale and Purchase Agreement to sell all 198,000 shares, or 49.75%, of its ownership in Spackman Entertainment Korea Inc. ("SEKI"), a motion picture investment company that invests into films produced by Opus Pictures Co., Ltd. and Zip Cinema Co., Ltd., to its majority-owned subsidiary, Spackman Entertainment Group Limited ("SEGL"), for a consideration of CAD 880,000 in cash. This non arm's-length transaction was effected as part of a reorganizing exercise in preparation of SEGL's planned listing on the Catalist board of the Singapore Exchange targeted for the first half of next year. As a result of this restructuring transaction, SEGL will now effectively own 100% of SEKI before its planned listing.
In addition, SEGI announced that it will increase its ownership in SEGL by purchasing 800 newly issued shares of SEGL at USD 1,000 per share, in addition to the 6,930 SEGL shares it already owns, for a total subscription amount of USD 800,000. After the completion of this subscription, SEGI will own 7,730 shares, or 55.4%, of the 13,950 total issued and outstanding shares of SEGL.
About Spackman Equities Group Inc.
Spackman Equities Group Inc. ("SEGI") is an investment holding company that invests into and develops small/medium-sized growth companies that possess proprietary technologies or industry-specific know-how, primarily in Asia. SEGI also makes investments in selected publicly-traded companies that SEGI believes are attractive investment propositions. The objectives of SEGI are to (i) invest into or acquire businesses with compelling growth potential at attractive valuations, (ii) build a diversified and balanced portfolio of investments, and (iii) deliver the collective value derived from the performance of its portfolio of investments to the shareholders of SEGI. Currently, SEGI's holdings include:
- 55.4% ownership of Spackman Entertainment Group Limited, an entertainment holding company that wholly-owns two leading Korean movie production companies, Zip Cinema Co., Ltd. and Opus Pictures Co., Ltd.; - 100% of SEGI Investments Limited, an investment company that invests into Korean public equities;
Visit www.spackmanequities.com for further information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.